Europe cuts Russian aluminium purchases, but deals may continue
September 15, 2023
Trade data shows that European industrial users are still buying aluminum from Russian aluminum (Rusal) this year, but users are divided on whether to finalize the deal in 2024. Traders and consumers say that while some companies are rethinking their contracts, others are quietly signing up for 2024 deals to buy raw materials they struggle to get elsewhere. Rusal is the world's largest aluminium producer outside China. According to a document sent to member states in July, the European Aluminum Organization is considering lobbying the EU to impose sanctions on Russian aluminum, but not specifically on Rusal, so the concern factor for a deal is the possibility of new barriers. Charles Julien, a lawyer at White and Case law firm in Geneva, said EU sanctions were unlikely.